EDC 2013 profit down 20%; more plants up

Geothermal energy firm Energy Development Corp. (EDC) incurred a 20-percent drop in net income last year but said more power plants will boost its capacity later this year.

In a statement, EDC said its 2013 net income fell 20 percent to P6.6 billion from P8.2 billion a year earlier.

EDC’s revenues declined 10 percent to P25.7 billion last year from P28.4 billion in 2012.

“[The year] 2013 posed unprecedented challenges to EDC. We, however, remained steadfast and have exerted efforts to expedite the energization of Leyte [power]plants,” said Ernesto Patangco, EDC executive vice president.

EDC is the largest generator of geothermal energy in the Philippines, supplying 62-percent share of the country’s geothermal capacity. The company also has hydroelectric plants producing 132 megawatts (MW) of power.

The power firm is committed to commissioning the 40-MW Nasulo Geothermal Project, and the 87-MW Burgos Wind Energy Project by third and fourth quarters of the year, respectively.